Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the
accrual basis of accounting. Such expenditures are recognized following the cost principles
contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or
are limited as to reimbursement. Negative amounts shown on the Schedule represent
adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Faith and Hope, LP has not elected to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award
activity for FHA Project No. 094-11006 of Faith and Hope, LP under programs of the federal
government for the year ended December 31, 2023. The information in this Schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards. Because the Schedule presents only a selected portion of the operations of the Project,
it is not intended to and does not present the financial position, changes in net assets, or cash
flows of the Project.
Title: LOAN PROGRAMS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the
accrual basis of accounting. Such expenditures are recognized following the cost principles
contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or
are limited as to reimbursement. Negative amounts shown on the Schedule represent
adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Faith and Hope, LP has not elected to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The outstanding balance on loan programs as of December 31, 2023 was as follows:
Mortgage Insurance for the Purchase or
Refinancing of Existing Multifamily Housing Projects $ 5 97,113